Bitcoin Crypto News

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band – a popular technical indicator and volatility measuring tool. Although he warns there isn’t yet a sign that a bottom is in, the tool’s creator says where price action tapped is a “logical” level for such a bottom to occur. Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000. But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that’s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably. BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool’s creator. Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations. Mr. Bollinger pointed out the touch of the lower Bollinger Band in a new tweet, where he suggests the area would be a “logical” level to bottom. Bollinger did warn, however, that there still aren’t signs of such bottoming yet. In the past, Bollinger was able to call out the April 2021 peak by spotting a “three pushes to a high” bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an “M-type” double top. Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F — John Bollinger (@bbands) June 27, 2022 Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Does Bitcoin price have more room to fall also? Or will a bottom form in this “logical” zone as the tool’s creator calls attention to? Either way, it seems to be “time to pay attention.” Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Crypto News Ethereum

TA: Ethereum Key Indicators Suggest Strengthening Case For More Upsides

Ethereum is slowly moving higher above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level. Ethereum is facing resistance near the $1,165 and $1,190 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,165 resistance. Ethereum Price Eyes Upside Break Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone. The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,100 Major Resistance Level – $1,165

Bitcoin Crypto News

Bitcoin Miners Contributing To BTC Crash? New Report Sheds Light

Bitcoin remains in the red with a 10% loss over the past week. The number one crypto by market cap has been consolidating at its current levels after a massive crash too it to a multi-year low of $17,500. Related Reading | Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning? At the time of writing, BTC’s price trades at $20,400 with sideways movement in the last 24 hours. As many outlets have been reporting, Bitcoin miners have been reducing their BTC holdings. This has contributed to the selling pressure and to BTC’s price plunging to its current levels from the $30,000 area. A recent report by analytics firm Coin Metrics looked into BTC miners’ addresses, and funds flow to pin down Bitcoin’s crash real impact on the sector. As the firm claims, the process of tracking down BTC miners’ addresses can be difficult, despite the transparency of the blockchain. In order to get a clear picture of current miners’ BTC holdings, Coin Metrics labeled the addresses which have come in contact with mining pools. These miners combined their resources and split the rewards for including a block in the blockchain. Miners pool their resources because they have a bigger chance of receiving the rewards. These pools interact with BTC addresses which Coin Metrics called 0 Hop miners and then the split rewards go to 1 Hop address or miners. As seen below, the firm was able to discover that there are 2.9 million 1-hop miners, but this is the total number of addresses for every entity that has ever mined 1 BTC. The number has been on a decline since January 2021 when the sector became more industrialized. In that sense, active Bitcoin miner addresses interacting with the mining pools total 34,000 in 2022. A much smaller number when compared to its all-time high, and with 2021 when these addresses stood at 92,000. Bitcoin Miners Reduce Holdings, But Remain Bullish The total number of 1-hop BTC addresses have been dumping their Bitcoin since July 2020. This metric inversely correlates with the price of BTC. While the cryptocurrency rose, the BTC supply held by these addresses trended to the downside. These entities have sold at least 500,000 BTC from that period until June 2022 impacted by price volatility. As seen below, active miners have been reducing their supply as well but only sold around 25,000 BTC. Coin Metrics analyst Parker Merritt added the following to the recent findings: While most miners prefer HODLing, last week’s market turbulence threw many miners for a loop. With the wick down below $18K, several companies became forced sellers, liquidating their BTC treasuries to minimize the impacts of a margin call. Related Reading | Controlling The Chaos: Alameda Ventures Bails Out Voyager With $200M & 15K BTC There is an uptick on the chart above, which could translate into a new period of BTC accumulation from miners. Overall, less leverage in the crypto market could contribute to healthier price action.

Altcoins Bitcoin Crypto News

Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

Crypto News Ethereum

TA: Ethereum Consolidates Below $1,100: What Could Trigger Sharp Decline

Ethereum is struggling below the $1,100 zone against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support zone. Ethereum is facing resistance near the $1,100 and $1,120 levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if there is a clear move below the $1,030 and $1,000 levels. Ethereum Price Faces Hurdles Ethereum started a downside correction after it failed near $1,190 and $1,200. ETH corrected lower and traded below the $1,120 support zone. There was a clear move below the 23.6% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. Ether price even settled below the $1,150 zone and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support. Ether price stayed above the 50% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. An immediate resistance on the upside is near the $1,080 level. There is also a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1,120 zone. The main resistance sits near the $1,150 level. A clear move above the $1,150 resistance zone could start a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near the $1,200 level or the $1,192 high. Any more gains could start a move towards the $1,280 resistance in the near term. More Losses in ETH? If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,040 zone. The next major support is near the $1,030 zone. A close below the $1,030 level might push the price below $1,000. In the stated case, ether price may perhaps decline towards the $950 level. Any more losses might call for a move towards the $880 support zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,030 Major Resistance Level – $1,120

Crypto News Ethereum

TA: Ethereum Tops Near $1,200, Why Dips Could Be Attractive

Ethereum started an upside correction above the $1,050 zone against the US Dollar. ETH traded close to the $1,200 resistance zone before it faced sellers. Ethereum started an upside correction above the $1,100 resistance zone. The price is now trading below $1,150 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,180 on the hourly chart of ETH/USD (data feed via Kraken). The pair could revisit the key $1,050 and $1,040 support levels in the near term. Ethereum Price Corrects Lower Ethereum was able to climb above the $1,050 resistance zone. ETH even recovered above the $1,120 resistance zone and settled above the 100 hourly simple moving average. Finally, the price surpassed the $1,150 resistance and traded close to the $1,200 level. A high was formed near $1,192 before the bears appeared. Ether price failed to continue higher and traded below the $1,150 level. There was a break below the 23.6% Fib retracement level of the upward move from the $880 swing low to $1,192 high. Besides, there was a break below a key bullish trend line with support near $1,180 on the hourly chart of ETH/USD. Ether price is now trading below $1,150 and the 100 hourly simple moving average. An immediate resistance is near the $1,120 level. The next major resistance is near the $1,150 zone. A clear move above the $1,150 resistance zone may perhaps push the price towards $1,200. Source: ETHUSD on TradingView.com The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term. More Losses in ETH? If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,060 zone. The next major support is near the $1,050 zone. It is near the 50% Fib retracement level of the upward move from the $880 swing low to $1,192 high. Any more losses might call for a move towards the $1,000 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,050 Major Resistance Level – $1,150

Crypto News Ethereum

TA: Ethereum Could Rally If The Bulls Clear This Key Resistance

Ethereum started an upside correction from the $880 zone against the US Dollar. ETH is rising and attempting an upside break above the $1,150 resistance zone. Ethereum started an upside correction above the $1,000 resistance zone. The price is now trading above $1,000 and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $1,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if it clears the main $1,150 resistance zone. Ethereum Price Faces Key Barrier Ethereum started a decent upward move from the $880 support zone. ETH climbed above the $950 and $1,000 levels to move into a short-term bullish zone. The bulls pushed the price above the 50% Fib retracement level of the key decline from the $1,255 swing high to $880 low. Finally, there was a move above the $1,100 level. However, ether price is now facing a major resistance near the $1,150 and $1,160 levels. The price is now trading above $1,000 and the 100 hourly simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $880 swing low to $1,174 high. Besides, there is also a short-term contracting triangle forming with resistance near $1,150 on the hourly chart of ETH/USD. An immediate resistance is near the $1,150 level. The next major resistance is near the $1,160 zone. A clear move above the $1,160 resistance zone may perhaps start a steady upward move. Source: ETHUSD on TradingView.com The next major resistance is near the $1,260 level. Any more gains could start a move towards the $1,350 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,150 resistance, it could start a fresh decline. An initial support on the downside is near the $1,100 zone and the triangle lower trend line. The next major support is near the $1,030 zone. It is near the 50% Fib retracement level of the upward move from the $880 swing low to $1,174 high. Any more losses might call for a move towards the $950 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,030 Major Resistance Level – $1,150